| There is a positive correlation between the debt ratio of the merging enterprises and premium level. | Zhu Baoxian and Zhu Chaohua, 2003 | ||
| Social Network Theory | Other Stakeholder Factors | The experience of chain directors, intermediaries and partners is negatively correlated with premium. | Haunschild, 1994; Beckman and Haunschild, 2012 |
| The consulting cost of the merged enterprise is positively correlated with the M&A premium, while the consulting cost of the merging enterprise is negatively correlated with the M&A premium. | Chahine and Ismail, 2009 | ||
| Principal-Agent Theory, Overconfidence Theory | Management Shareholding Ratio | The managerial ownership of the merged enterprise is positively correlated with the M&A premium, but the retention of the CEO with a high share ratio is negatively correlated with the M&A premium. | Moeller, 2005; Song and Walking, 1993 |
| Overconfidence of Managers | Overconfidence of managers is positively correlated with M&A premium. | March and Simon, 1958; Roll, 1986; Hambrick, 1997 |